- Institutional investments and better economic conditions have spurred a recent Bitcoin rally, with the price now at around US$65,300.
- While no major future growth drivers are immediately evident, ongoing institutional adoption and potential Federal Reserve rate cuts could sustain interest.
- Analyst RektCapital notes Bitcoin has turned key resistance into support, forecasting a possible peak in the market between late 2024 and early 2025.
As institutions pour billions of dollars into Spot Bitcoin ETFs and economic conditions are seemingly improving, the crypto market has rallied with BTC coming in at just over US$66K (AU$98.9K) late on Thursday, local Australian Time.
Related: Expert Reveals When and Why He Is Going to Sell His Crypto Holdings
Bitcoin, while slightly down over the past 24 hours, has gained almost US$4K (AU$6K) in the past two days and is now trading at US$65,300 (AU$ 97,845) for a single coin.
According to analysts, we may have seen the worst for the time being, and Bitcoin could continue to trade in the current range.
Brett Stifling, an investment adviser at Gerber Kawasaki, told Forbes that although the halving has not propelled BTC to new highs, he sees no significant factors that could further elevate the coin’s value. However, he noted that institutional adoption and potential interest rate cuts could still serve as key supports for its price.
I don’t see any other major catalysts on the horizon, other than increased institutional adoption. There is also the potential for the Fed to lower rates later this year, which could bring increased optimism for risk-on assets like Bitcoin.
Brett Stifling, investment adviser at Gerber Kawasaki US inflation came in better than expected, which has led to expectations that the Federal Reserve may lower interest rates later this year. Fed chief Jerome Powell, however, remains sceptical, urging patience.
Resistance Turned Into Support, Analyst Says
Popular analyst RektCapital told his 468K followers on platform X that he believes Bitcoin has successfully broken a month-long downtrend which started in April. He sees the recent rally as a major catalyst for an upward trend.
Rekt said US$60K (AU$90K) served as a major level of resistance, which has now been flipped.
Bitcoin has successfully turned the old major resistance into a new major support.
RektCapital 
So, When Can We Expect The Next Peak?
An earlier analysis by RektCapital suggests that the timeframe for Bitcoin reaching its next peak is lengthening. Historical data shows that Bitcoin has extended the duration of its rallies in each cycle, with the period before topping out increasing progressively in 2013, 2017, and 2021.
Related: More Banks, Asset Managers Disclose Bitcoin ETF Holdings to the Tune of Billions of Dollars
Based on these trends, the upcoming peak is expected between late November 2024 and late January 2025. If this cycle follows the pattern of increasing durations, adding 14 to 35 days to past peak lengths could push the next bull market peak to between mid-December 2024 and early March 2025, Rekt said.
Additionally, Bitcoin’s duration above previous all-time highs is also increasing, indicating a potential for longer periods of high market prices.
With this in mind, Rekt confirms that in his opinion 37.4% of the current bull market is completed.
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